Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1887-02-01
OTHER LOCAL NEWS.
FRANCHISES ATD PROPERTY OF THE
SOUTHERN COMPANY AT AUCTION.
Twelve O'clock p. To-Day tho Appointed
Time, Under Decree Of the Court,
&c, &C.

ii' Salf nv iu'h' ""''''" w W. VIZ
property, franchises, and rights OF the
Southern Telegraph Company is adver-
tised 10 take place at IL o'clock III. to-
day in front Of the office of Mr.. \. W.
Bove. real estate auctioncer, No. 4
north Eleventh street. The sale will
bc made by Mr.. Iowc for the commits
sioncrs. Mcssrs 4. l.. Boulware and
II. b. Turner, under DEGREES of the
United States Circuit Courts for the
Eastern district of Virginia, the West
crn district OF North Carolina, the dis
trict Of South Carolina, the Middle dis
trict Of Alabama, and the Northern dis
;rict of Georgia, in the causes of " VIII
ham Malone, &c, Us. The Southern
Telegraph Company and others, and
The Farmers Loan and Trust Company
oflNcw York rs. Same"
WHAT WILL De SOLD.
The sale will include all ,he right,
title, and interest of every Kind and
nature Of the company in AMI to the
hue Of telegraph TO, from, and between
the city of Washington and the city of
Selma, Ala, and the various branches
thereof (about 800 miles Of poles and
about 5000 miles Of wire), together
With all the lands, properties, fran
chises, tclegraph-lnes, cables, poles,
wires, instruments, tools, apparatuses,
Offices, iixtNrcs, patents, patent-rlghts,
contracts, leases, securities, rights,
CLAIMS, interest, and demands Of every
kind, nature, and description whGtso-
ever. wherever the same may he or how
ever situated, now held, owned, or pos
sessed by the company.
The line is in good condition, and is
now doing good business.
II will be sold subject to n traffic ar
mugcment now existing between it and
the Mutual Union Telegraph Company,
which will expire at the option of the
purchaser upon sixty days notice.
TERMS.
The following are the terms Of the
sale. Hen per cent. of purchase-money
lu cash and sufficient sum in addition
io mike such payment rs will amount
to $4,000; the balance within thirty
day, after sale.
THE PosIPONEMENT.
This property was advertised to be
sold on the 9th of March, 1886, but
when the hour of sale arrived Mr.
BoNc read telegram from Judge
Hughes. who was i'll Norfolk, ordering
the -llo TO be postponed. This order
vas made 10y Judge Hughes upon the
ue'itiou of Mr.. James h. Pace. then one
If the largest holders of the company's
stock. who signified his desire to be-
come a bidder for the property. He
claimed that he could not bid intelli-
entity ON account of numbered claims
against the company having been filed
after the DEGREES Of sale had been en-
tered. Subsequently these claims were
thrown out of court, and another de-
cree was obtained for the sale TO take
place to-day.
Among those present when the sale
was formerly advertised to take place
were the following large capitalists
Robert Garrett, president Of the Balti-
more and Ohio railroad !; Edward ).
Stokes. of New York ; Colonel Robert
G. Ingersol, counsel for f. 5. Stokes,
and representatives, of the Farmers
Loan and Trust Company of New
York-all Of whom were holders of the
first-mortgage bonds of the company.
Mr.. Stokes is said to hold 5000, 900 of
the frstmortgage bonds, and Robert
Garrett $50, 900.
WILL CERTAINLY BE SOLD.
Hon. John S. WISE who as counsel
has had much to do with arranging for
this sale, and who was counsel for Mr.
Pace and associates when the postpone
ment was had last March, was in Nor
folk when Dispatch reporter called
at his office to see him yesterday. He
returned on the afternoon train and
was seen at his residence on
west Frnkhn street last night and
asked about the matter He SAID that
he had no doubt that the property
would be sold to-day that all the pre-
liminaries had been arranged, and all
the disputed claims either thrown out
OF court or satisfactorily adjusted
WHO THE BIDDERS ARE.
When asked who were the probable
bidders, Ur. Wise replied that he repre-
scntcd u syndicate of gentlemen, some
northern and some southern ones,
whose names he could not give out, and
whose plans would not be fully ma
turcd until this morning. He thinks it
probable that the Western Union Com
uany will be "a bidder and there Is lit
tie doubt that Mr.. T.. 5. Stokes
is here with such intentions in the int
rest of the United Line, with which he
is connected and III which he is largely
interested.
Mir. a. Il. Chandler, president of the
Postal-Tclograph Cable Company, ar
rived yesterday morning. and no doubt
will figure in the sale, either independ-
emily or jointly, with Mr.. Stokes.
WHY 1T IS SOLD.
The Company having failed to pay
interest Oh It's bonds, General William
Malone and other boudholders applied |
TO Judge Hughes for a receiver. The |
Court consented to appoint "A receiver,
and the particsto the suit not being able |
TO agree upon person for the position, |
Judge Hughes appointed Mr.. A. l..
Boulwarc, who has had charge of the |
property for several years.
General Malone, it is stated, holds or
SG4, $50 frst-mortgage bonds;
". T.. Cameron and A. w. Jones,
so, coo, which are held as collateral Sc
cunty by W. b. Mcllwaine and Robert
Gillian, trustees for the Planters and
Mechanics Bank of Petersburg. Ii is
said that about 500, 600 worth of bonds
are held 10y James b. Pace, First Ma
tional Bank, Planters National Bank,
Thomas Branch, and others Of Rich
InOnd